NSW Premier Gladys Berejiklian today announced Sydney will host the inaugural Renminbi (RMB) Global Cities Dialogue in April.
Speaking to an audience of Australian and Chinese business leaders on Friday during this week’s visit by Chinese Premier Li Keqiang, Ms Berejiklian said the event will put NSW firmly on the map as a global centre for RMB trading.
“Sydney is globally renowned as a sophisticated financial centre and our city has gained a reputation worldwide for RMB trading,” Ms Berejiklian said.
“This event will bring together experts from official RMB trading hubs around the world, to discuss key issues surrounding the internationalisation of the Chinese currency.”
Sydney has been an official RMB trading hub since 2014 and is ranked in the top five global hubs based on the proportion of total trade in RMB.
“Australia is the largest investment market in Asia-Pacific valued at $2.1 trillion,” Ms Berejiklian said.
“The NSW Government aims to increase RMB trading to 20 per cent of Australian merchandise trade with China by 2020.”
The Dialogue will focus on the changing role of the Renminbi as a currency for trade invoicing and settlement, investment, and reserves.
It will be an opportunity to share insights, build relationships and facilitate new channels for investment and growth.